Employees Retirement System of Texas lowered its stake in Chemical Financial Co. (NASDAQ:CHFC) by 19.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 58,000 shares of the bank’s stock after selling 14,000 shares during the quarter. Employees Retirement System of Texas’ holdings in Chemical Financial were worth $3,101,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Virtu Financial LLC acquired a new stake in Chemical Financial in the fourth quarter worth about $249,000. Schroder Investment Management Group lifted its holdings in Chemical Financial by 18.3% in the fourth quarter. Schroder Investment Management Group now owns 1,981,132 shares of the bank’s stock worth $105,931,000 after purchasing an additional 306,595 shares during the period. Bank of New York Mellon Corp lifted its holdings in Chemical Financial by 0.4% in the fourth quarter. Bank of New York Mellon Corp now owns 875,451 shares of the bank’s stock worth $46,810,000 after purchasing an additional 3,410 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in Chemical Financial by 61.2% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 29,987 shares of the bank’s stock worth $1,603,000 after purchasing an additional 11,381 shares during the period. Finally, Arizona State Retirement System lifted its holdings in Chemical Financial by 26.9% in the fourth quarter. Arizona State Retirement System now owns 51,226 shares of the bank’s stock worth $2,739,000 after purchasing an additional 10,872 shares during the period. 79.58% of the stock is owned by institutional investors and hedge funds.
Shares of Chemical Financial Co. (NASDAQ:CHFC) opened at $56.93 on Monday. Chemical Financial Co. has a 1-year low of $43.61 and a 1-year high of $59.83. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $4,059.11, a PE ratio of 27.24, a price-to-earnings-growth ratio of 1.62 and a beta of 1.21.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 16th. Shareholders of record on Friday, March 2nd will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, March 1st. Chemical Financial’s payout ratio is 53.59%.
In other news, CEO David T. Provost acquired 3,356 shares of Chemical Financial stock in a transaction on Friday, January 26th. The stock was bought at an average cost of $58.50 per share, with a total value of $196,326.00. Following the completion of the purchase, the chief executive officer now owns 96,296 shares of the company’s stock, valued at $5,633,316. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Dennis L. Klaeser sold 53,536 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $58.48, for a total transaction of $3,130,785.28. The disclosure for this sale can be found here. Insiders sold a total of 73,355 shares of company stock valued at $4,282,061 over the last three months. 2.20% of the stock is owned by corporate insiders.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Chemical Financial from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a report on Tuesday, December 26th. Hilliard Lyons raised shares of Chemical Financial from a “neutral” rating to a “buy” rating in a report on Friday, January 26th. DA Davidson upped their price objective on shares of Chemical Financial to $70.00 and gave the stock an “average” rating in a report on Thursday, January 25th. ValuEngine raised shares of Chemical Financial from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, Boenning Scattergood set a $43.00 price target on shares of Chemical Financial and gave the company a “sell” rating in a report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $57.29.
TRADEMARK VIOLATION WARNING: This news story was posted by Ticker Report and is the sole property of of Ticker Report. If you are viewing this news story on another site, it was copied illegally and republished in violation of US and international trademark & copyright law. The original version of this news story can be viewed at https://www.tickerreport.com/banking-finance/3223398/chemical-financial-co-chfc-shares-sold-by-employees-retirement-system-of-texas.html.
About Chemical Financial
Chemical Financial Corporation is a financial holding company. The Company operates in the commercial banking segment. The Company, through its subsidiary bank, Chemical Bank, offers banking and fiduciary products and services. These products and services include business and personal checking accounts, savings and individual retirement accounts, time deposit instruments, electronically accessed banking products, residential and commercial real estate financing, commercial lending, consumer financing, access to insurance and investment products, corporate and personal wealth management services, and other banking services.
Want to see what other hedge funds are holding CHFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Chemical Financial Co. (NASDAQ:CHFC).
Receive News & Ratings for Chemical Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Chemical Financial and related companies with MarketBeat.com's FREE daily email newsletter.